The funds will be used to strengthen the product and build a robust supply and sales channel, Ashish Bali, co-founder and CEO, JumboBasket told Techcircle.in.

JumboBasket is a B2B e-commerce returns liquidation company. It buys returns from e-commerce and re-sells it to traders. Currently, it has onboarded 150-200 traders on its platform and aims to reach out to traders in tier 1, 2 and 3 cities. It will also launch its website and mobile app in the next one month.

The company was founded by Bali, Vikram Nijhawan and Bhuwan Vadhera in August 2015 but has been in offline-pilot-mode since March 2015. Bali is a hotel management graduate from Bangalore University and has worked in the hospitality industry for 16 years. Nijhawan, a science graduate, has 18 years of experience in B2C and B2B mobile, consumer electronics and apparel trading businesses. Vadhera comes with over 16 years of experience in managing industrial operations, inventory warehouse management and resource management.

"CAN is critical for the fostering of the startup ecosystem in Chandigarh. With their continuous and ongoing support, we were able to understand and execute the funding parameters in a judicious and timely manner," said Bali.

JumboBasket plans to have 1,000 traders on its platform by March 2016. The company also plans to expand its trader base from Chandigarh to cover Punjab, Haryana, Himachal Pradesh and Delhi. It is targeting to achieve a gross merchandise value (GMV) of Rs 100 lakh per month after March 2016.

"E-commerce is here to stay and so are returns. Thus, JumboBasket is here to address these pain points. As long as the world of Flipkarts and Snapdeals exist, JumboBasket will also sustain itself," said JD Ghai, member of Chandigarh Angels Network.

CAN aims to invest Rs 10 lakh - Rs 2 crore in fledgling tech firms across sectors such as education, healthcare and finance. It may put money in three more startups before the current financial year ends.

Earlier this month, New Delhi-based Eckovation Solutions Pvt Ltd, which runs a social learning platform for students, raised an undisclosed amount in angel funding from CAN.